President Ferdinand "Bongbong" Marcos Jr. has officially certified as urgent a bill granting him emergency powers to temporarily suspend or reduce excise taxes on petroleum products amid ongoing Middle East conflicts.
President Ferdinand “Bongbong” Marcos Jr. has certified a proposed bill as urgent which empowers him with emergency authority to temporarily suspend or reduce excise taxes on petroleum products. This legislative move aims to address the significant increases in oil prices triggered by the ongoing conflict in the Middle East, specifically the combined military actions by Israel and the United States against Iran. Under House Bill No. 8418, the President may suspend or reduce excise taxes on petroleum products for up to six months if the average price of Dubai crude oil exceeds US$80 per barrel for a month prior to the implementation of the tax relief. This authority would be effective until December 31, 2028. The bill responds to steep price hikes in petroleum products that have led to projections of diesel prices reaching over 20 Philippine pesos per liter and kerosene prices up to 38.50 pesos per liter. The government hopes this measure will help alleviate economic pressures caused by volatile fuel prices due to international geopolitical unrest.
Sources referenced:
- https://www.gmanetwork.com/news/balitambayan/balita/979804/marcos-sinertipikahang-urgent-ang-panukalang-batas-para-bawasan-o-alisin-niya-ang-excise-tax-sa-m/story/